Why XRP on Coinbase Pro Now? Experts Find Reasonable Inference

As the week begun, red crypto figured turned into green again, especially the third largest cryptocurrency, XRP. The most definite reason that influences the sudden spike among these leading cryptocurrencies is directed to Coinbase’s recent announcement. The exchange has recently added most awaited XRP on its professional trading platform ‘Coinbase Pro’ which has quite truly appreciated its value to almost 11 percent within a couple of hours.

The listing announcement made on Feb 25, 2019, goes as follows;

XRP is the cryptocurrency used by the XRP ledger, which supports international currency exchange and remittances. The ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.

But why now?

There’s something striking expert’s mind. The fact is that XRP is long requested cryptocurrency to list on Coinbase’s platform. While exchange had announced other tokens (which are even lower in terms of market cap) such as BCH and other ERC 20 tokens built on Ethereum network, XRP’s absence is the most specific question that XRP enthusiasts put up.

But as always, such questions remained unanswered.

However, its quite important to note that as per the announcement, XRP is not officially available on ‘coinbase.com’ or on its ‘Mobile Apps’ yet, but available to the users of ‘Coinbase Pro’ for selected regions only.

Additionally, it’s even crucial to note that ‘Ripple, the parent company of XRP token’, is still battling a class action lawsuit for XPR’s securities classification.

Perhaps, it’s great news for XRP enthusiasts, conversely, experts are reasonably calling it as ‘speculations’. As such, US Legal Counsel, Jake Chervinsky believes that the XRP listing decision by Coinbase is to avoid the outweighing cost and legal risk. He reasonably interference that;

In a similar context agreeing to what Jake believes, another crypto enthusiast called ‘JP Schnapper-Casteras’ says;

Fair. I think it’s also fair to asses it by their own (GDAX) framework for new listings,

Jake’s view on Coinbase’s decision indicates that exchange wouldn’t incur the heavy legal cost to start selling XRP after the security classifications henceforth the sudden listing of XRP on Coinbase comes forth. Nevertheless, Jake isn’t alone scrutinizing the reason, Alistair Milne who is an entrepreneur, involved in crypto space since 2014, also highlighted his view. Specifically, he put forth three key questions that majorly focuses on ‘amount being received by Coinbase to list XRP from Ripple’. He says

XRP Marketcap Upsurged

To note, the third largest cryptocurrency, XRP is still enjoying the spike of 6.77 percent over the past 24 hours. It records the market cap of $13,437,902,845, valuing 1 XRP $0.324857 against USD as per the data provided by coinmarketcap.

Let us know if you agree with Jake’s comment and if you have anything to say on Alistair’s question. 

Nevertheless, to note that ‘often discussion on XRP and Coinbase’ is half-ended – it keeps on continuing with a comma, like this time. Few questions remained unanswered.

The post Why XRP on Coinbase Pro Now? Experts Find Reasonable Inference appeared first on Coingape.

Go to Source
Author: Tabassum

Join our Telegram Channel : @Cryptoknowmics for regular updates and important announcements about Cryptoknowmics or to be a part of our Telegram Group : @cryptoknowmic discussions, query and any suggestion or subscribe to our newsletter
Views expressed here are open to research and analysis from the reader’s side

Comments (No)

Leave a Reply